Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2018

Transactions and Use Tax Annotations


Annotation 802.0310

802.0310 Termination of District Tax—Future Tax Revenue. Even though a District Tax has been terminated, the Board will continue to receive revenue derived from it, based on accounts receivable, audits in progress, and other unpaid accounts. There is nothing in the statute or in the contract requiring that tax revenues be transmitted in advance of actual receipts. The Board has a policy of making advances of 90 percent of the actual revenue based on prepayments. Where there are no prepayments, such as in this situation, but some payments are still being made through audits and accounts receivable, there can be no advance payments to the district. Actual revenues should be transmitted "as promptly as feasible," however, and "at least twice in each calendar quarter" if possible. 10/13/95.